End of day review 5-9-11 Monday

Trade plan and Price action review: (Price action review). The market was very choppy today not offering any real good trade opps. It looks like summer time trading is coming around. We opened and chopped right away with 15 min candle sticks stacking up one on top of each other. This is a time were you really don’t want to trade unless you’re playing the small range. We traded down testing the 1335-1337 level and on that little push down into the level and globex lows was the only good opp to try a long. We had a nice tick div along with VB div as well. Other than that I didn’t see anything else. We than traded back up into the middle of the days 5 point range at the time and chopped some more. Some buying came in and we shot up 1343 balance area vpoc and chopped some more. We had a double distribution day and an inside day. We can more than likely expect a break out tomorrow as the chances of having another inside day area slim. (Trade plan review) My morning trade plan called for a balanced session which we got. And I said if we get any buy/selling that it would be short lived and that’s what happened as well.

Trades review: No trades today

Conclusion of the day and thoughts going forward: I followed my plan and was patient for something to set up. I didn’t get anything but I did want a long at 1335 area but due to work I couldn’t take it.

Grades:

Following my plan: A+

Following my rules: A+

Trade execution: N/A

Pre market analysis 5-9-11 Monday

News: No news release out today

Trade plan and Price action analysis: (Last week) Last week saw ES trade lower and this is still a PB in a bigger uptrend on the daily and weekly charts. There is no way of knowing how far it will PB. But i am expecting the market to have put in or is close to a intermediate term swing area on the chart. The past 2 weeks have had over lapping value on the weekly profiles and with summer right around the corner we may see more and more of that. (Globex) has been balanced all night. We traded up into resistance on Fridays session at 1345 and ticked down to 1338 support level. Globex is in the middle of Fridays value and I'm not expecting much to happen today. There isn't any news figures out today or tomorrow so I'm expecting a balanced session to take place.

(Trade plan) Im expecting a balanced session today due to lack of catalyst. We are balanced in fridays value area. I will be looking for buy and sell opps at my levels. If we get some kind of buying/selling in the market i expect it to be short lived. I will be patient and relaxed as i wait for the market to get to my planned areas of trade.